Deutsche Bank to pay $240 million to end Libor rigging lawsuit in U.S. [Reuters]
Citigroup, Inc. (C)
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Source: Reuters
Deutsche Bank to pay $240 million to end Libor rigging lawsuit in U.S. | Reuters 2 Min Read NEW YORK (Reuters) - Deutsche Bank AG ( DBKGn.DE ) has agreed to pay $240 million to settle private U.S. antitrust litigation accusing it of conspiring with other banks to manipulate the Libor benchmark interest rate. The preliminary settlement with the German bank was disclosed in filings on Tuesday with the U.S. District Court in Manhattan, and requires a judge’s approval. Deutsche Bank is the third bank to resolve claims by so-called “over-the-counter” investors that transacted directly with banks on a panel to determine Libor. Citigroup Inc ( C.N ) reached a similar $130 million settlement last July, while the British bank Barclays Plc ( BARC.L ) settled for $120 million in November 2015. [nL1N1KT1LU] Deutsche Bank denied wrongdoing, but settled to avoid the risks, costs and distraction of litigation, court papers show. A spokesman, Troy Gravitt, said the bank was pleased to settle. L
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